Why the Real Battle in Stablecoins Is No Longer About Issuance — It's About Application Power
The Shift Has Already Begun
I’ve spent five years analyzing blockchain economics, and one truth stands out: stablecoins are no longer just digital dollars. The pivot from issuance to application is no longer theoretical — it’s here. Circle’s Nasdaq debut wasn’t just a milestone for a single company; it exposed a deeper reality. Even as the second-largest issuer, Circle pays 50% of its net interest income to Coinbase for distribution. That’s not scale — that’s cost inflation.
Why Issuance Is Losing Its Edge
The network effects of USDT (76%) and USDC (16%) are entrenched. New entrants? They’re playing chess on a battle-scarred field where the rules have already been written by dominance. And regulators aren’t helping them either — they’re moving away from ‘risk-first’ toward ‘innovation-empowered.’
Take Hong Kong’s new Stablecoin Issuer Ordinance or Singapore’s risk-tiered SCS framework: both explicitly prioritize applications over mere volume.
Three Golden Scenarios Where Value Lives Now
1. B2B Cross-Border Payments: Beyond Speed and Cost
It’s not enough to say ‘faster transfers.’ Real pain points include currency risk during settlement lags (1–3% erosion), fragmented liquidity pools, and compliance overhead across jurisdictions.
Stablecoins solve these through programmable conditions tied to trade events — like auto-payment upon shipment confirmation via smart contracts. That’s not efficiency; that’s system redesign.
2. Real-World Asset (RWA) Tokenization: The Hidden Infrastructure Game
RWA isn’t about selling shares on-chain — it’s about making illiquid assets liquid without collapsing their value proposition.
Here, stablecoins act as three things at once: value bridges between TradFi and DeFi, transactional rails for trades, and automated yield distribution channels.
But unless you embed compliance logic early — Oracle reliability, legal enforceability of chain-linked deeds — you’re building castles on sand.
3. The DeFi–TradFi Connector Role: Where Innovation Thrives
The future isn’t replacing banks with protocols. It’s bridging them.
Enterprises are already using stablecoin-powered dual ecosystems: keeping core operations in traditional banking while deploying idle capital into DeFi for yield — with strict risk isolation layers.
This model? It works because stablecoins act as neutral intermediaries: programmable yet compliant, digital yet anchored in real-world value.
Infrastructure Isn’t Just Tools – It’s Strategy
When I interviewed CFOs across Asia-Pacific last month, they didn’t ask for cheaper APIs or faster nodes. They asked for one thing: a system that handles multi-currency routing while hiding FX costs behind transparent optimization.
So we now see three infrastructure models:
- Issuer-led: Limited by ecosystem bias.
- Channel-centric: Fragmented solutions with zero interoperability.
- Neutral Platforms: Full-stack integrators across all chains, currencies, and compliance layers.
The winner? Neutral platforms that offer intelligent path selection based on time-of-day rates, volatility spikes, or regulatory windows – all automated via AI-driven decision engines.
The market is evolving fast. But remember this cold fact: if you’re still competing on how many coins you issue per minute… you’re already losing.
ColdChartist
Hot comment (6)
Stablecoins já não são só moedas
Parece que o jogo mudou — e quem ainda tá vendendo moedas por minuto tá jogando futebol com um pente.
O lance é: agora o poder está nos apps. USDT e USDC dominam como reis do trono… mas o que importa é quem usa as moedas pra fazer coisas reais.
Pagamentos B2B com contratos inteligentes? Sim. Tokenização de ativos reais sem quebrar o mercado? Claro. E o melhor: empresas usando stablecoins como ponte entre banco tradicional e DeFi — sem risco, sem drama.
E olha só: se você ainda tá competindo em volume… desculpa, mas seu time já perdeu.
Quem aqui tá na área do “aplicação” ou só quer imprimir mais moeda?
Comenta aí! 🤑
The Real Game Is Application Power
Let’s be real — if you’re still bragging about how many stablecoins you mint per second, you’re basically the guy at the party who still thinks ‘crypto’ means Bitcoin memes.
The game has shifted: it’s not about issuing more USDCs. It’s about using them like a pro — think B2B payments that auto-payout when goods arrive (no more FX headaches), RWA tokenization that doesn’t crash like a poorly coded DAO, and DeFi-TradFi bridges that actually work without legal fireworks.
Even Circle pays Coinbase half its interest income just to stay relevant. That’s not scale — that’s paying rent on your own ecosystem.
So if you’re building tools that don’t hide FX costs behind transparent optimization? You’re not innovating — you’re just slow.
Bottom line: If your stablecoin isn’t solving real pain points across borders, compliance, or yield… stop minting and start thinking.
You guys in the comments: who’s actually using stablecoins for real stuff? Let’s debate! 🚀
Thật sự thì…
Đừng ai nói mình không biết chơi chess nữa!
Các anh phát hành stablecoin giờ như… người bán hàng rong ở chợ đêm: chạy khắp nơi mà chẳng ai mua.
Thế nhưng, cái thực sự đáng sợ là ứng dụng thật sự — nơi stablecoin làm được điều mà ngân hàng cả đời cũng chả làm nổi.
B2B Cross-Border? Đã xong!
Chuyển tiền qua biên giới không còn là chuyện “tốc độ nhanh” nữa. Là phải tự động thanh toán khi container tới cảng — nhờ smart contract! Không cần chờ duyệt, không cần lo lỗ tỷ giá 1-3%.
RWA & DeFi? Đã có cầu nối!
Stablecoin giờ là cầu vượt giữa TradFi và DeFi — trung lập, thông minh, có pháp lý. Không phải điêu đứng vì pháp lý hay oracle lỗi!
Tóm lại:
Nếu bạn vẫn đang tự hào vì phát hành được 1 tỷ USDC mỗi ngày… Xin lỗi nhé – bạn đang bị bỏ lại phía sau như xe máy cũ trong đường cao tốc!
Các bạn thấy sao? Comment ngay nào! 🚀
Le vrai combat ? Pas l’émission !
Depuis que Circle paie 50 % de ses intérêts à Coinbase pour distribuer ses USDC… on sait : le jeu n’est plus sur le nombre de pièces mintées.
Non, c’est désormais l’application qui fait la différence.
On parle pas de vitesse ou de coût — on parle d’automatiser les paiements après livraison grâce à des contrats intelligents. Ou d’activer des rendements en DeFi sans toucher au cœur bancaire traditionnel.
Et si vous pensez encore que « plus de stablecoins = plus de pouvoir », vous êtes déjà en retard.
👉 Alors : vous êtes un émetteur ou un connecteur ?
Commentairez-vous ?
اسٹیبل کوائنز صرف ‘ڈیجیٹل ڈالر’ نہیں، یہ تو واقع میں اکبر کا پانچھا بنایا ہے! جب تجارت کے لینے میں زمین کے قلعے بن رہے ہوئے، تو نے اسٹار بھائوند دوسرے فرق کر لینا۔ میرا بھائی، جب آپ نے خود CFA سرٹفکرٹ دکھایا، تو نے اسٹار کوائنز والو فورمز ملا دتّن! پڑھندا؟ واصل تھانگنا؟ شائع تم تارخ سبک ساتھ جنگل میرا دوست! #DeFiYaMadrasa
비트코인은 돈이 아니라? 진짜로 Stablecoin은 ‘디지털 화폐’가 아니라 ‘자동 결제 뱀’이에요! USDT가 76%나 차지다니, 뱅크는 캐스틸 온 샌드에서 사라지고 있어요. Circle이 Coinbase에 감정을 쏟아붓는 건, 투자자가 아니라 ‘코드를 쓰는 마법사’죠. 블록체인 위에 커피 한 잔 마시며 ‘어떻게 이걸 다룰까?’라고 묻는 CFO들… 진짜로 투자자는 정보의 주인이라는데, 왜 우리는 코드만 먹고 있죠? 댓글로 답해주세요 — 당신도 디지털 마법사 되고 싶으신가요?
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